The Newark-based luxury auto maker said it plans to use the proceeds to 'further strengthen its balance sheet and liquidity position.'
Lucid Group Inc. on Monday said it has completed a $1.5 billion capital fundraise through the sale of stock, mostly to an affiliate of its big Saudi Ariabian investors.to"further strengthen its balance sheet and liquidity position."third quarter financial results in which revenue fell short of estimatesThe company has struggled to hit goals for delivery of its vehicles amid production and supply problems.
Despite that, the company said it had about $3.85 billion in cash as of Sept. 30 and now has $1.5 billion more from its new equity sale. Most of that came from a sale of $915 million in stock to Ayar Third Investment Co. — an affiliate of Saudi Arabia’s sovereign wealth fund. The rest came through a traditional sale to other investors.
The sale to the Saudi investors was structured so that the Saudi public wealth fund’s stake in Lucid remained at its previous level of about 62%. Lucid stock rose about 1% in early trading on Monday . It closed $7.23 on Monday, down by more than 80% on the year.Economic Forecast Silicon Valley & Mayor's Forecast. Continental breakfast will be avaialble.The Business Journal is looking for the most influential women in the Silicon Valley to honor in our prestigious special publication and event.
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